Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1887-06-11

Total. .$1S6,511 As
Here is plain statement of fact
made under oath by Patrick Duffy,
Auditor, and it proves one of two
things-either that the .West Vir-
GINA Bonds" mentioned do not con-
stitute Indebtedness, or there has
been some systematic lying done
concerning the existence of State
debt. 1t will be noticed that but
two instances are given where the
bonds bear interest. Thus is an
other campaign fiction exploded, for
we have been repeatedly assured
that when it became necessary to
borrow money temporarily, which
did sometimes happen lin violation
of the State Constitution), there
was interest paid on the capital thus
covered into the expense fund, and
the school fund was the gamer in
the end. But there is another sing.
ular feature in the statement, viz. !:
The first item in the list is dated
October 30, 1873, an obligation
originating more than thirteen years
ago. The next two items have been
drawing interest more than ten
years, and the fourth is nearly as
long standing. Now why are these
bonds permitted to run from year
to year, if there has been at any
time sufficient money in the Treas.
ury to liquidate them9 Are they
time bonds-non-payable before
they are due9 The interest alone
for the two years ending September
80, 1888, will amount to $22, 1882, 90,
as shown on page 10 of the Auditors
report. Why not pay the bonds and
stop the interest, if the State pos
sesses the plethoric purse so boast.
fully described by the campaign
Orators9 The Auditor says that
during the two years 1885 and 1886,
cit was necessary for the State to
borrow S179,000-$59, 900 of which
was borrowed from the Board of the
School Fund. OF these amounts the
sum Of $4,000, with interest,
amounting in the aggregate to 1885,
O4O.86, has been paid, leaving
$50, 600 with interest still due and
unpaid" Here is another defiaite
addition to the interest fund,
amounting to S5,O40.S6. Added to
the interest on the $4,000 unpaid,
and this to the estimated interest
for 1SS7-'SS, and the aggregate
will amount probably to 1885, 700.
Add S129,000 to the Indebtedness of
the State above itemized-the
amount, less $4,000, which the
Auditor says the State borrowed in
1S85-'86-and the sum total on
which the people pay interest fo-
the support of their government, in
addition to the other burdens, is
1916, 511.48, to say nothing of other
temporary loans that may have
been obtained on short calls.
The prospect is nothing fattering,
to say the least. The people pay
their taxes into the Treasury, and
the receipts are found to be made
quate for the demands of the Gov
eminent. Money is then borrowed
CONTRARY to the constitution and
the people have to foot the interest
bills. Thus they are taxed twice
once in the ordinary way and once
more to pay interest on the money
first collected which the State bor-
rows of the school fund. This may
be termed double entry taxation.
In concluding this article we can
not do better than to again quote
Mr.. Auditor Duffy, who says: '1Leg.
islature, at its last session, appro-
priated S120,000.00 more than the
estimated receipts, and the fact that
$3.50, 100000 of the revenues of 1885
we're used in paying former obliqa-
tons fully accounts for the large
amount borrowed % Yet we are
told there is ne State debt. If this
doesn't indicate the gross incom.
potency of the Bourbon administra.
ticn, what does it show p Faiymont
Wesf VSxDsu;nx